Resources

RETIREMENT

This page last reviewed April 20, 2010

If you are considering retirement in the near future, the information provided here is invaluable.
You may not realize that there is a lot you will need to do before actually retiring and much
of the information you will need to plan and prepare for your retirement can be found in various
locations on the Internet. It is a good idea to begin planning for retirement early - up to a year
in advance if possible. Within 90 days of your retirement date, you must obtain an application and
an election form for retirement (PERS BAS-3695), complete it, have it notarized and return it to
CalPERS for timely retirement processing. CalPERS turn around time for processing retirement
applications will undoubtedly increase during the period "Golden Handshake" is offered.
For this reason, employees will want to move quickly to get all their questions answered and file
quickly for retirement.

Service Retirement

The California Public Employees' Retirement System (CalPERS)
provides retirement services to more than 1.3 million members and nearly 2,500 employers. Check the
CalPERS web site for information regarding when and how to file for service retirement. Information
on buying back military service credit, service credit purchase payment options, rollover payment options,
financial planning and retirement planning seminars and a variety of other information and useful tools can
also be found at the CalPERS site.

CalPERS Online Access

In order to access theCalPERS information provided via the links below, CalPERS members must register for
access to CalPERS On-Line services and features. In order to ensure personal CalPERS member information
remains confidential, many of the CalPERS online services require log in to a secure environment with a User ID and Password.

Retirement benefits for State employees not involved in industrial or safety positions who are in the State Second Tier.

Savings Plus Program

The Savings Plus Program is managed by the Department of Personnel Administration via Nationwide Retirement Solutions.
Information regarding the various deferred compensation programs such as 457 and 401K, answers to questions on how to defer lump sum payment from
the State into a deferred compensation plan as well as other information can be obtained from the sites listed below:

Part-time, Seasonal or Temporary Employee Retirement Plan

he federal Omnibus Budget Reconciliation Act (COBRA) of 1990 requires part-time, seasonal, or temporary public employees who are not
members of a retirement system be covered either by a "qualified retirement plan" or by Social Security. The 457 Deferred
Compensation Plan administered by the
Department of Personnel Administration's Savings Plus Program
is a "qualified retirement plan" for this purpose.

California state employees who currently are excluded from membership in the California Public Employees' Retirement System (CalPERS)
-- either because they work less than half-time, are seasonal, or are employed on an intermittent or temporary basis --
are automatically covered by the Savings Plus PST Retirement Plan.

Retirement Planning Tools

CalPERS offers a variety of service credit purchase options. However, there are some limitations on who is eligible. Be sure to review
this information carefully to see if you might qualify to purchase additional service.

PERSonal Access is your self-service area. If you have a PIN number, you can view your latest
Annual Member Statement, do a "personalized" retirement benefit estimate, request a formal estimate from CalPERS, or register
for one of the free retirement planning workshops or seminars. The new calculator automatically uses information from your Annual Member
Statement to give you a more accurate retirement estimate.

Don't have a PIN? You can register for a limited access PIN online in PERSonal Access. The limited access PIN allows you to use many,
but not all, of the self-service tools. After you register, you will be mailed a special code that you can use to upgrade your PIN to full
access. Once you receive your code, follow the Upgrade Your PIN Instructions in PERSonal Access. You will then be able to use all the online
tools and services.

This Calculator is for full-time State Miscellaneous and Industrial members (active in State employment on or after January 1, 2000)
considering converting their Second Tier service to the First Tier. It can help you compare the payment options, and how your future
benefits can change with this conversion.